BRUSSELS, July 15 (Reuters) - The European Union, which fined Elon Musk's social media network X €120 million ($137.2 million) last year, said on Wednesday it had accepted an action plan by X to comply with transparency rules under the EU's Digital Services Act.

"The European Commission has accepted X's action plan to comply with transparency obligations and researchers' access to data under the Digital Services Act," it said in a statement.

"The approved measures represent an important step in enabling researchers, civil society and the public in general to gain more transparency into X's systems, in particular to monitor X's systemic risks and to assess the platform's broader impact on its users and European society as a whole," it added.

($1 = 0.8745 euros)